NCLH Norwegian Cruise Line Holdings Ltd.

Overview and Growth

Fiscal 2025 results for Norwegian Cruise Line Holdings Ltd. combined $9.83B of revenue with net income of $423.25M and an operating cash inflow of $2.09B. At $9.83B, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. The top line expanded 3.7% from $9.48B in fiscal 2024, increasing the company’s operating scale. On a per-share basis, diluted EPS was $0.92, which connects the reported earnings outcome with the company’s diluted share count. The per-share result recorded a 51.3% decrease from fiscal 2024 diluted EPS of $1.89. Revenue equaled 0.44x of total assets, indicating how much reported top-line activity the company produced relative to its period-end asset base.

Profitability

Gross profit was $4.19B, representing the portion of revenue remaining after the reported cost of revenue and before operating expenses. The gross-profit relationship equaled 42.6% of revenue, quantifying the portion retained before operating expenses were recognized. The reported operating result was $1.56B, capturing profitability after direct costs and the operating expenses reflected in the statements. Relative to revenue, operating income represented 15.9%, showing how efficiently sales converted into operating profit. After all reported below-operating-line items, the company recorded net income of $423.25M for the fiscal year. The final earnings result represented 4.3% of revenue, connecting the absolute net income figure with the company’s top-line scale. Pretax income was $428.72M, isolating the reported earnings outcome before the income-tax provision recognized for the fiscal year. The pretax margin was 4.4%, relating income before taxes directly to revenue. Income tax expense totaled $5.47M, providing the reported tax component that separates pretax and after-tax earnings. Relative to pretax income, the tax provision measured 1.3%, quantifying the portion of pre-tax earnings paid in income tax. The relationship between net income and period-end equity was 19.2%, indicating the profitability achieved on book capital. Net income represented 1.9% of period-end assets, placing the company’s bottom-line result against the total resource base employed.

Liquidity and Capital Structure

Total assets were $22.54B, supported by $20.33B of liabilities and $2.21B of shareholder equity. The near-term balance sheet paired $1.14B of current assets with $5.45B of current liabilities at the reporting date. At 0.21x, current liabilities exceeded current assets and placed pressure on the company’s near-term liquidity position. Cash and equivalents totaled $209.89M, identifying the most liquid reported component available within the broader current-asset balance. The cash balance equaled 3.8% of current liabilities, showing how much near-term coverage came from cash alone. The liabilities-to-assets relationship was 90.2%, placing reported obligations against the full positive asset balance. The cash-to-assets relationship was 0.9%, comparing reported cash and equivalents with the full positive asset balance. Total assets were 12.9% higher than fiscal 2024 assets of $19.97B, measuring the company’s own balance-sheet change. Against $1.43B of equity in fiscal 2024, the current book-equity balance moved 55.0% and ended higher.

Cash Flow and Earnings Quality

Cash flow from operations was $2.09B, a reported cash inflow that can be compared directly with net income and capital spending. Operating cash flow equaled 4.94x of net income, showing how strongly accounting earnings converted into cash from operations. The cash-flow statement records $3.26B of capital expenditures, the investment amount considered after operating cash generation. Capital expenditures represented 156.0% of operating cash flow, leaving the remainder available as free cash flow. The company recorded a $1.17B cash deficit after capital spending for the period. The free-cash-flow deficit equaled 11.9% of revenue, showing the post-investment cash shortfall relative to sales. Relative to total assets, the post-investment cash deficit measured 5.2%.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.